ADCB partners with Abu Dhabi Finance to provide premium cash management solution

Press release

Published May 21st, 2014 - 09:10 GMT

Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank (ADCB) announces the implementation of a new Cash Management mandate with Abu Dhabi Finance (ADF), a leading home finance provider in the UAE, that will boost ADF’s internal efficiency. As part of the agreement, ADF will capitalise on ADCB’s experience to enhance its cash management system and will employ ADCB’s ProCash service, a state of the art cash management platform.

The new system will help to streamline ADF’s wide range of electronic banking services, including for example, the on-site printing of automated cheques. ADF has identified ADCB as one of its preferred banks and by utilising the ProCash system ADF will ensure accurate and efficient cash management when servicing their clients.

Colin Fraser, Head of Wholesale Banking Group at ADCB, said: “We are honoured to be the bank of choice for ADF, ahead of other local and international financial institutions. We are committed to provide the best solutions to our clients and ADCB has invested in state of the art Cash Management products and services. Today, this relationship further demonstrates the superior service that ProCash offers and we are certain that the simplicity and efficiency of the ProCash platform will undoubtedly impact ADF’s overall performance in a positive manner. ProCash has become an essential corporate banking portal that makes corporate internet banking both convenient and fast.”

Chief Executive Officer of ADF, Christopher Taylor said: “Embedding this state of the art cash management system is an important part of the continuous improvement of our client service by ensuring accurate and efficient cash management. We are working with ADCB on areas such as cheque automation, electronic bulk payments and funds transfers. We have also recently moved to the new Central Bank Direct Debit System and this will give us an alternate collection method for repayments.”

ADCB always endeavours to offer its clients with effective reliable and innovative solutions. The bank was recently awarded the ‘Best Bank in the Middle East for Cash Management’ by Global Finance and the ‘Best Domestic Cash Management Bank in United Arab Emirates’ by the Asian Banker Awards. These awards come as a testimony to ADCB’s leading-edge capabilities to cater to the working capital needs of its clients.

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.